Dubai Strengthens ‘Cashless Dubai’ Strategy with New MoU on Digital Payments

Dubai’s General Directorate of Identity and Foreigners Affairs (GDRFA) and the Dubai Finance Department signed a Memorandum of Understanding (MoU), intending to support digital payment initiatives, facilitate efficient and secure financial non-cash transactions, and expand digital payment channels in the UAE in line with the ‘Cashless Dubai’ strategy.

His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, Deputy Prime Minister, Minister of Defence, and Chairman of the Executive Council of Dubai, launched this strategy in October 2024, and the MoU reflects Dubai’s commitment to strengthening its position as a global capital of the digital economy.

Accelerating the Cashless Dubai Strategy

To highlight, the ‘Cashless Dubai’ initiative aims to increase the share of financial transactions carried out through digital channels in both the government and private sectors. Specifically, it hopes to initiate digital transactions of up to 90% in all transactions and achieve full digital enablement of 100% digital transactions across the emirate by the end of 2026.

In addition, the strategy also supports innovation in governance systems and contributes to building a sustainable financial ecosystem that strengthens Dubai’s position among the world’s top five cities in adopting digital payments. His Excellency Abdulrahman Saleh Al Saleh, Director General of Dubai Finance Department, affirmed that the GDRFA Dubai partnership is

“a model of institutional integration between government entities in pursuit of the vision of our wise leadership.” He emphasized the vital role of GDRFA Dubai in supporting the Cashless Dubai strategy, adding: “We are moving forward with strengthening the adoption of non-cash payments in line with the goals of Dubai Economic Agenda (D33), by contributing to the creation of an advanced and secure payment environment across both public and private sectors—an environment that supports the national economy and meets the needs of individuals and businesses.”

Meanwhile, His Excellency Lieutenant General Mohammed Ahmed Al Marri, Director General of GDRFA Dubai, affirmed,

“We regard this partnership with the Department of Finance as a strategic step that reflects our commitment to the ‘Human First’ approach, by providing smart, secure financial services that simplify people’s lives and support their aspirations. Enhancing the digital payment ecosystem is not merely about technological development; it is an investment in the future of Dubai as a globally leading city in innovation and digital readiness.”

Developing a Stronger Digital Infrastructure

Presently, the partnership’s central focus is on developing a promising and long-standing digital infrastructure. The MoU will also focus on adopting the latest financial technologies and exchanging knowledge and expertise between both parties, including launching awareness campaigns that build public trust in digital solutions, leading to a seamless transition toward a more efficient and sustainable economy.

Director of Digital Payment Systems Regulation, Amina Mohammed Lootah, says that the MoU reflects the Government of Dubai’s approach to building pioneering government partnerships rooted in innovation and strengthening trust between government entities and customers. She also praised GDRFA Dubai’s vital role in raising community awareness of the importance of adopting diverse, convenient, and secure digital payment methods and financial transfers.

She says, “High-level cooperation between Dubai government entities under the umbrella of the Cashless Dubai strategy will contribute to boosting economic growth by adding no less than AED 8 billion annually to the emirate’s economy, through the development of a wide range of innovative fintech services and by accelerating the growth of the fintech sector in Dubai.”

All in all, the MoU embodies Dubai’s determination to build pioneering government partnerships driven by embracing innovation and reinforcing trust between government entities and customers. These steps clearly consolidate the city’s position as an integrated smart city, providing an ideal environment for life, work, and success.

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